ASEAN: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in ASEAN

The ASEAN virgin olive oil market skyrocketed to $X in 2022, picking up by 26% against the previous year. Over the period under review, consumption enjoyed a prominent expansion. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Virgin Olive Oil Production in ASEAN

In value terms, virgin olive oil production amounted to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume decreased by 99.9% against the previous year. The level of production peaked in 2022 and is likely to see steady growth in the near future.

Virgin Olive Oil Exports

Exports in ASEAN

In 2022, the amount of virgin olive oil exported in ASEAN soared to X tons, increasing by 72% against 2021 figures. Overall, exports, however, showed a slight downturn. The pace of growth was the most pronounced in 2018 with an increase of 348%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, virgin olive oil exports soared to $X in 2022. In general, exports posted a noticeable increase. The pace of growth was the most pronounced in 2018 when exports increased by 158% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore represented the major exporting country with an export of about X tons, which reached 65% of total exports. It was distantly followed by Malaysia (X tons), making up a 30% share of total exports. Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil exports from Singapore stood at +1.9%. At the same time, Vietnam (+48.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +48.7% from 2012-2022. By contrast, Malaysia (-6.6%) illustrated a downward trend over the same period. Singapore (+18 p.p.) and Vietnam (+4.3 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -21.8% from 2012 to 2022, respectively.

In value terms, Singapore ($X) remains the largest virgin olive oil supplier in ASEAN, comprising 75% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total exports.

In Singapore, virgin olive oil exports expanded at an average annual rate of +6.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-3.6% per year) and Vietnam (+38.0% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, falling by -19.4% against the previous year. Over the period under review, the export price, however, showed a resilient increase. The most prominent rate of growth was recorded in 2016 when the export price increased by 67% against the previous year. The level of export peaked at $X per ton in 2021, and then contracted significantly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.8%), while the other leaders experienced mixed trends in the export price figures.

Virgin Olive Oil Imports

Imports in ASEAN

In 2022, approx. X tons of virgin olive oil were imported in ASEAN; growing by 20% compared with the year before. Total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +8.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 30%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

In value terms, virgin olive oil imports surged to $X in 2022. Overall, imports showed a buoyant expansion. The growth pace was the most rapid in 2013 when imports increased by 40%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

In 2022, Indonesia (X tons), distantly followed by Singapore (X tons), Thailand (X tons), Malaysia (X tons), the Philippines (X tons) and Vietnam (X tons) represented the major importers of virgin olive oil, together comprising 98% of total imports. Cambodia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +17.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil importing markets in ASEAN were Indonesia ($X), Singapore ($X) and Thailand ($X), with a combined 67% share of total imports.

Indonesia, with a CAGR of +21.3%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, increasing by 6.6% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2017 an increase of 14%. Over the period under review, import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform